The Mortgage Society of Finland (Hypo) is holding a roadshow ahead of a €300m seven to 10 year covered bond scheduled for the second half of March, with the sub-benchmark promising rare Finnish supply after 12 months in which only one benchmark from the country has hit the market.

Investor meetings for the €300m seven to 10 year fixed rate issue are starting today (Wednesday), according to an announcement this morning, with the deal set to follow in the second half of March, subject to market conditions.

DekaBank, Natixis, Nordea and Swedbank have the mandate.

A lead banker said the Mortgage Society of Finland decided to extend the roadshow process in order to service those investors who normally require longer to secure credit lines.

“They simply want to do a superb investor job and do everything to attract a broader investor base,” he said, “and already today we are getting a really good response.”

Only one Finnish benchmark covered bond has been launched in the past 12 months, a €1.25bn 10 year for OP Mortgage Bank in November.

Oma Savings Bank launched a Finnish sub-benchmark the following week and attracted the most demand for any of its covered bonds, with a €1.24bn book for its €250m seven year issue.

The Mortgage Society of Finland’s last sub-benchmark was a €300m seven year in March 2019.

Its debut covered bond, a €250m deal issued in May 2016 and tapped for €50m later that year, matures on 10 May.